Sir John Madejski, chairman of Reading Football Club, confirmed the sale of the team to a Thai consortium has been finalised.
The deal first reared its head in June this year after Anton Zingarevich, the former majority shareholder, decided that he was not interested in taking full ownership of the Championship side.
The consortium, led by businesswoman Khunying Sasima Srivikorn, was first announced an interest in buying the Royals in July.
Srivikorn will become co-chairman with Madejski. The rest of the club was purchased by Khun Narin Niruttinanon who acquired 50% and Khun Sumrith Thanakarnjanasuth, who bought the remaining quarter.
Madejski said: "After months of tireless hard work and a lot of speculation, I am very pleased to say that Reading Football Club's future has been resolved.
"Over the past year, since the Zingarevich family left, we have engaged with a number of different prospective investors, but we have now succeeded in finding who I believe are the right people to take this club forward.
"I cannot speak highly enough of our new partners from the time we have spent together so far. They have shown great professionalism, perseverance, patience and diligence and, on a personal level, our relationship is excellent and long may that continue."
Current chief executive Nigel Howe and non-executive director Ian Wood-Smith will continue in their roles.
Reading have endured a mixed start to the season in England's second tier with the team currently sitting in 11th position in the table, two points off the play-off places.
The team was relegated at the end of the 2012/13 season, and after a two season absence they will be looking to get back to the Premier League at the end of this campaign.